Question

You have decided to purchase a car for $25,625. The credit union requires a 10% down payment and will finance the balance
with a 9% annual interest loan for 36 months. The sales tax in your city is 7.5%, and the license and title charges are $175.13.
What is the total purchase price of the car including tax, license, and title? Round your answer to the nearest cent.
a $24,949.80
C. $27,722.01
b. $24,967.32
d. $27,735.14
Please select the best answer from the choices provided

Answer 1

Answer

c. $27,722.01

I just took the test :)

Answer 2

The total purchase price of the car including tax, license, and the title is $27,722.01 option (C) $27,722.01 is correct.

What is a payment plan?

Paying down any outstanding debt, or occasionally more than one obligation, by consolidation into a structured payment schedule is referred to as a payment plan.

We have:

You have decided to purchase a car for $25,625. The credit union requires a 10% down payment.

The price of the car with tax = 25625×(1 +7.5%)

= 25625×(1.075)

= $27,546.88

Adding license and title charges = 27,546.88 + 175.13 =

Total purches price = $27,722.01

Thus, the total purchase price of the car including tax, license, and the title is $27,722.01 option (C) $27,722.01 is correct.

Learn more about the payment plan here:

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